Belize Grants Production Agreement to Spartan Petroleum
BNAmericas Tuesday, June 13, 2006
Belize's government has issued a new production sharing agreement (PSA) to Texas-based Spartan Petroleum Corporation for blocks 2, 16 and 17 of the country's Corozal district, the government said in a statement.
The PSA gives Belize royalties of 12.5% on oil and 7.5% on natural gas, a minimum of 11% production sharing and a working interest option of 10%.
Belize has issued six PSAs since 2005 and is presently considering applications from five other companies for oil exploration. http://www.rigzone.com/news/article.asp?a_id=33085